The key players of global smart fleet management market are Siemens AG, Harman International Industries, Inc., Robert Bosch GmbH., Precious Shipping Co. Ltd., Denso Corporation, IBM Corporation, Sierra Wireless, Inc., Continental AG, Cisco Systems, Inc., Calamp Corp., OTTO Marine Ltd., and Globecomm Systems, Inc.
Smart Fleet Management Market Synopsis
The global smart
fleet management market size 2020 is expected to grow exponentially over
the review period, acquiring a substantial market valuation and a healthy CAGR
over the review period.
Market Highlights
The demand for smart fleet management is
expected to see substantial growth during the forecast period with the entire
automotive industry pushing for greater fuel efficiency in automobiles combined
with high speed networks. In addition, market growth is driven by the advent
and incorporation of IoT and Information , Communication, & Technology (
ICT) into industries such as logistics, automobiles, and transport. One of the
main factors driving the market share of smart fleet management is the
increased demand for features such as incident detection, access control and
speed limit enforcement with significant advanced safety and security features.
In addition, according to the core concept, the smart fleet management industry
depends only on the sales and the latest breakthrough is made in tracking and
managing the most advanced featured vehicles.
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Rising demand for connectivity and
government regulations is expected to increase the market for smart fleet
management. Reducing both shipping costs and maintenance costs has emerged as a
major phenomenon in the automotive industry, attracting players in the market
for smart fleet management. It is expected that increased awareness of better
driver & vehicle safety and improved business decisions for fleet owners
will offer lucrative opportunities for fleet management businesses in the near
future.
High costs linked to the smart fleet
management systems are expected to serve as a significant market hindrance. In
addition, a steady rise in fleet sizes and travel routes successively results
in a higher system complexity, which is expected to serve as another
significant constraint for the smart fleet industry.
Market Segmentation
The global smart fleet market has been
segmented based on transportation, hardware, and solution.
Based on transportation, the market has
been segmented ito automotive, rolling stock, and marine.
Based on the hardware, the market has been
segmented into tracking, optimization,
ADAS, and diagnostic.
Regional Outlook
It is expected that the Asia Pacific region
will offer lucrative opportunities for layers in the smart fleet management
market. Stringent government regulations, combined with improved transportation
facilities and infrastructure, are expected to help the growth of this region's
smart fleet management market. Government authorities in countries like India
and China are urging the manufacturers of original equipment to introduce these
systems in cars, primarily to improve driver safety. In this area the smart
fleet management market is expected to thrive. In addition, the improvement of
socio-economic conditions in countries such as India, Thailand and Indonesia
has led to increased demand for premium segment fleets, which positively
impacts the market growth during the forecast period.
Certain areas like North America and Europe
are also expected to develop rapidly. The existence of sophisticated technology
and major manufacturers provides the smart fleet management companies in this
region with solid groundwork. Established automotive industry is also helping
market growth in those regions. Growing number of commercial fleets in Europe
and the USA, broadening the customer base to satisfy major manufacturers of
smart fleet management systems. Significant technological advancement and
research and development activities in North America and Europe are expected to
give the smart fleet management market high prospects for rapid growth over the
forecast period.
Competitive Dynamics
The key players of global smart fleet
management market are Siemens AG, Harman International Industries, Inc., Robert
Bosch GmbH., Precious Shipping Co. Ltd., Denso Corporation, IBM Corporation,
Sierra Wireless, Inc., Continental AG, Cisco Systems, Inc., Calamp Corp., OTTO
Marine Ltd., and Globecomm Systems, Inc.
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